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Eurozone plunges into recession amid global turmoil

The eurozone has plunged into recession, with industry particularly badly affected by the fallout from global financial turmoil, results of a closely watched survey suggested on Tuesday.

The eurozone composite purchasing managersâ€™ index, which spans both services and manufacturing, declined from 48.2 in August to 47 this month - dropping below the crucial 50-mark threshold, which signals a contraction.

However, better news seemed to be round the corner on the inflation front, with producersâ€™ input costs rising at the weakest rate in 11 months, primarily due to lower oil and other commodity prices.